UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 9)*
CREDIT ACCEPTANCE CORPORATION
(Name of Issuer)
COMMON STOCK, $.01 PAR VALUE
(Title of Class of Securities)
225310 10 1
(CUSIP Number)
DECEMBER 31, 2005
(Date of Event which Requires filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
| | Rule 13d-1(b)
|X| Rule 13d-1(c)
| | Rule 13d-1(d)
* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
CUSIP No. 225310 10 1
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only)
THOMAS W. SMITH
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) | |
(b) |x|
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3 SEC USE ONLY
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4 CITIZEN OR PLACE OF ORGANIZATION
UNITED STATES
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5 SOLE VOTING POWER
517,970
NUMBER OF ---------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED BY EACH 3,941,658
REPORTING
PERSON ---------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
817,820
---------------------------------------------
8 SHARED DISPOSITIVE POWER
3,941,658
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,759,478
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10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
NOT APPLICABLE
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
12.9%
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12 TYPE OF REPORTING PERSON
IN
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CUSIP No. 225310 10 1
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only)
SCOTT J. VASSALLUZZO
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) | |
(b) |x|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZEN OR PLACE OF ORGANIZATION
UNITED STATES
--------------------------------------------------------------------------------
5 SOLE VOTING POWER
44,000
---------------------------------------------
6 SHARED VOTING POWER
NUMBER OF
SHARES 3,941,658
BENEFICIALLY
OWNED BY EACH ---------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON
WITH 194,897
---------------------------------------------
8 SHARED DISPOSITIVE POWER
3,941,658
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,136,555
--------------------------------------------------------------------------------
10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
NOT APPLICABLE
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11.2%
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
IN
--------------------------------------------------------------------------------
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CUSIP No. 225310 10 1
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only)
IDOYA PARTNERS
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) | |
(b) |x|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZEN OR PLACE OF ORGANIZATION
NEW YORK LIMITED PARTNERSHIP
--------------------------------------------------------------------------------
5 SOLE VOTING POWER
1,943,403
---------------------------------------------
6 SHARED VOTING POWER
NUMBER OF
SHARES 0
BENEFICIALLY
OWNED BY EACH ---------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON
WITH 1,943,403
---------------------------------------------
8 SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,943,403
--------------------------------------------------------------------------------
10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
NOT APPLICABLE
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.2%
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
PN
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ITEM 1. (A) NAME OF ISSUER:
Credit Acceptance Corporation
(B) ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
25505 West Twelve Mile Road,
Suite 3000,
Southfield, MI 48034-8334
ITEM 2. (A) NAME OF PERSON FILING:
This Statement is filed jointly by: (i) Thomas W. Smith and Scott
J. Vassalluzzo, each of whom is a private investment manager; and
(ii) Idoya Partners, a New York limited partnership for which
Messrs. Smith and Vassalluzzo are each a general partner (the
persons and entities in (i) and (ii) are referred to collectively
herein as the "Reporting Persons"). The filing of this Statement
shall not be deemed to be an admission that the Reporting Persons
comprise a "group" within the meaning of Section 13(d)(3) of the
Securities Exchange Act of 1934, as amended. The Reporting Persons
each disclaim beneficial ownership of the shares reported in this
Statement in excess of those shares as to which they have or share
voting or investment authority.
(A) ADDRESS OF PRINCIPAL BUSINESS OFFICE:
The following is the address of the principal business office of
each of the Reporting Persons:
323 Railroad Avenue
Greenwich, CT 06830
(B) CITIZENSHIP:
Each of Messrs. Thomas W. Smith and Scott J. Vassalluzzo is a
United States citizen. Idoya Partners is a New York limited
partnership.
(C) TITLE OF CLASS OF SECURITIES:
Common Stock, par value $.01 per share
(D) CUSIP NUMBER:
225310 10 1
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULES 13D-1(B) OR 13D-2(B) OR
(C), CHECK WHETHER THE PERSON FILING IS A:
Not applicable.
IF THIS STATEMENT IS FILED PURSUANT TO RULE 13D-1(C), CHECK THIS BOX
|X|
-5-
ITEM 4. OWNERSHIP
(a) Thomas W. Smith - 4,759,478 shares; Scott J. Vassalluzzo -
4,136,555 shares; Idoya Partners - 1,943,403
(b) Thomas W. Smith - 12.9%; Scott J. Vassalluzzo - 11.2%; Idoya
Partners - 5.2%
(c) Thomas W. Smith has (i) the sole power to vote or direct the
vote of 517,970 shares, (ii) the sole power to dispose or to
direct the disposition of 817,820 shares, and (iii) the shared
power to vote or to direct the vote and the shared power to
dispose or to direct the disposition of 3,941,658 shares.
Scott J. Vassalluzzo has (i) the sole power to vote or direct
the vote of 44,000 shares, (ii) the sole power to dispose or
to direct the disposition of 194,897 shares, and (iii) the
shared power to vote or to direct the vote and the shared
power to dispose or to direct the disposition of 3,941,658
shares. Idoya Partners has the sole power to vote or direct
the vote and dispose or to direct the disposition of 1,943,403
shares. Voting and investment authority over investment
accounts established for the benefit of certain family members
and friends of Messrs. Smith and Vassalluzzo is subject to
each beneficiary's right, if so provided, to terminate or
otherwise direct the disposition of the investment account.
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON
Messrs. Smith and Vassalluzzo in the aggregate beneficially own
4,427,625 shares in their capacities as investment managers for certain
managed accounts. The managed accounts have the right to receive
dividends from, and the proceeds from the sale of, the managed
accounts' shares. Voting and investment authority over investment
accounts established for the benefit of certain family members and
friends of Messrs. Smith and Vassalluzzo is subject to each
beneficiary's right, if so provided, to terminate or otherwise direct
the disposition of the managed account.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE
SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY
Not applicable.
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP
Not applicable.
ITEM 9. NOTICE OF DISSOLUTION OF GROUP
Not applicable.
-6-
ITEM 10. CERTIFICATION
By signing below, I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are not
held for the purpose of or with the effect of changing or influencing
the control of the issuer of the securities and were not acquired and
are not held in connection with or as a participant in any transaction
having that purpose or effect.
-7-
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Date: February 14, 2006
/s/ Thomas W. Smith
--------------------------------------
Thomas W. Smith
/s/ Scott J. Vassalluzzo
--------------------------------------
Scott J. Vassalluzzo
IDOYA PARTNERS
/s/ Thomas W. Smith
--------------------------------------
By: Thomas W. Smith
Its: General Partner
-8-
JOINT FILING AGREEMENT
The undersigned agree that the foregoing Statement on Schedule 13G,
dated February 14, 2006, is being filed with the Securities and Exchange
Commission on behalf of each of the undersigned pursuant to Rule 13d-1(k) Dated:
February 14, 2006
/s/ Thomas W. Smith
--------------------------------------
Thomas W. Smith
/s/ Scott J. Vassalluzzo
--------------------------------------
Scott J. Vassalluzzo
IDOYA PARTNERS
/s/ Thomas W. Smith
--------------------------------------
By: Thomas W. Smith
Its: General Partner
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